The tax deadline is just a few weeks away and many debtors are expecting at least a few thousand dollars in their tax refund check.  But what should debtors do with that money?  Buy a car, TV, pay off credit card debt?  Well if you’re drowning in debt, like many debtors, you should probably use that tax refund to file bankruptcy if:

If you are unemployed and have been unemployed for at …

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Michael Lee Wilson could have 10 years removed from his 20 year sentence if his bankruptcy comes up with $2 million for his victims.

Back in October, Michael Lee Wilson Pleaded guilty to 59 felony counts of grand theft, because he had been camming people through his mortgage company, Pacific Coast Mortgage, for several years. He was originally arrestede in July and charged with 147 …

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… have the money to pay the mortgage?  In the case of Nicholas Cage, he is struggling with massive tax debts owed to the IRS which might be dischargeable in bankruptcy if there was no fraud involved and depending on when he filed those taxes.  It is not currently clear if Nicholas Cage has other debts such as credit card debt that measure up to his massive tax bill; but it is clear that he has stopped paying the mortgages on several of his homes and that he has publicly announced he is …

Category: Breaking News , Debt and Tax Relief , Economy , Foreclosures , Loans / Mortgages

Tags: Celebrity foreclosure Real estate tax debt

… claimed in court papers that Seattle-based WaMu could collect $20 billion from lawsuits, tax refunds and disputed cash deposits. That would allow all of the company’s $8 billion in debt to be paid in full and leave money to the owners of 23 million shares of preferred stock and 1.7 billion shares of common stock, shareholders claimed.

WaMu sued the FDIC claiming the holding company is owed money by Washington Mutual Bank. When the federal regulators take over a bank, they set …

… struggling to compete with online stores like Amazon, who a lot of times offer free shipping and tax free purchases.

Zale; more commonly known as Zales, the company saw its holiday sales plunge 12% during December.  Also, the company is having organizational problems, and several top executives resigned at the beginning of January.

 

It remains to be seen what happens to these companies, but they are definitely at the top of the list of companies that might be headed to bankruptcy …

When a divorced debtor files bankruptcy they are often facing a special set of circumstances that may impact how their bankruptcy proceeds.  One of those special circumstances is the obligation to pay domestic support to a former spouse or child. For the purposes of bankruptcy, domestic support obligation is defined as money that must be paid to 1) a spouse, former spouse, or child of the …

The first step to conquering debt that has gotten out of control is to get honest with yourself.  Take the time to find out how much you owe, how much you earn and what the real gap is in between.  One of the biggest shockers debtors experience when they file bankruptcy is just how indebted they really are compared to what they had imagined.  Don’t engage in self-deception, get to the …

Category: Bankruptcy , Bankruptcy Q&A , Debt and Tax Relief , Economy , Filing Bankruptcy

 Property taxes – Combined with the new homebuyer tax credit this deduction can save many homeowners a lot on their taxes.  You can add this deduction to your standard deduction if you don’t itemize, or if you choose, you can add it to you itemized deductions. 

Sales taxes – Tax law allows you to deduct your local and state sales taxes. I you purchased a big ticket item such as a car, boat or prefabricated home last year, you can add the …

Category: Debt and Tax Relief , Economy

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… on both their mortgage and property taxes wonder if bankruptcy can be used to stop a property tax sale of their home.  Fortunately for debtors facing a property tax sale of their home, bankruptcy can be used to stop the sale if they move quickly. Here’s what you need to do:

Before filing for bankruptcy, find out if there is a property tax lien on your home. In the state of Texas, ad valorem taxes are given the highest priority of all liens and if property taxes are owed, by January …

… fraudulently.   Bankruptcy may also help Dr. Murray reduce or pay off in a reasonable time, any tax liens against him.  And depending on the circumstances of his tax case, some taxes may be dischargeable in bankruptcy.  If Dr. Murray’s primary residence is facing foreclosure, he may be able to negotiate with his lender for a modification during bankruptcy and pay off any delinquent balance over time.  Even if Dr. Murray is convicted of wrongdoing in the death of Michael Jackson, he …

… next year.  The reduced income is attributed to less state funding and a major loss in property tax revenues.

 

It seems as if the parents have the right to be worked up, because the school closures could have a huge impact on their children’s lives.  Crowded classrooms, having to travel further to school, and younger kids having to go to school with older kids, all could have a negative impact on their children’s education.

 

Anyway, it is still up in the air as to what will …

… Many bankruptcy attorneys have payment plans available and some even allow you to use your income tax refund to pay for the costs associated with bankruptcy.  It’s folly to make assumptions about your ability to pay for bankruptcy before sitting down with a bankruptcy attorney. Many bankruptcy attorneys offer free or low-cost bankruptcy evaluations.  Maybe you should consider taking advantage of that opportunity.